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Instrumental Methods of Economic Analysis

2018/2019
Учебный год
ENG
Обучение ведется на английском языке
2
Кредиты
Статус:
Курс адаптационный
Когда читается:
1-й курс, 1 модуль

Преподаватель

Course Syllabus

Abstract

The purposes of the discipline "Instrumental Methods of Economic Analysis" are: understanding the basic concepts of mathematical analysis and linear algebra; and acquiring skills in solving optimization problems of various types.
Learning Objectives

Learning Objectives

  • Understand the theory of elementary functions, methods of calculus related to the differentiation of single and multiple variable functions.
  • Know the necessary and sufficient conditions for concavity/convexity of the function and maximum/minimum
  • Be able to solve unconstrained and constrained optimization problems
  • Have an understanding of the envelope theorem and be able to use it in the optimization problems.
Expected Learning Outcomes

Expected Learning Outcomes

  • Be able to solve unconstrained and constrained optimization problems
  • Have an understanding of the envelope theorem and be able to use it in the optimization problems
Course Contents

Course Contents

  • Linear algebra: operation with matrices, square matrices, determinant, eigenvalues and eigenvectors
  • Functions of one variable: derivative of the function, necessary and sufficient conditions for increasing/decreasing, concavity/convexity, extremum and inflection points.
  • Functions of multiple variables: first and second order partial derivatives, Schwarz theorem, necessary and sufficient conditions for concavity/convexity and extremum points
  • Unconstrained optimization of multiple variables functions: necessary and sufficient conditions for local/global maximum/minimum, envelope theorem
  • Constrained optimization of multiple variable functions. Equality constrains: necessary and sufficient conditions for maximum/minimum, relationship between concavity/convexity of the function with the type of extremum. Inequality constrains: Kuhn-Tucker theorem, relationship between concavity/convexity of the function with the type of extremum
Assessment Elements

Assessment Elements

  • non-blocking class quizzes
  • non-blocking class participation
  • non-blocking written final exam
Interim Assessment

Interim Assessment

  • Interim assessment (1 module)
    0.1 * class participation + 0.4 * class quizzes + 0.5 * written final exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Sundaram, R. K. (1996). A First Course in Optimization Theory. Cambridge University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.cup.cbooks.9780521497701

Recommended Additional Bibliography

  • Vinogradov, V. V. (2010). Mathematics for Economists. University of Chicago Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.ucp.bkecon.9788024616575